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U.S. President Barack Obama will address the Americans at 9 p.m. EDT on Monday about the state of efforts to raise the government's debt ceiling, said the White House in a statement.

"The president will address the nation from the White House on the stalemate in Washington over avoiding default and the best approach to cutting deficits," it said.

The world's largest economy is face an unprecedented default on Aug. 2 if the country could not raise its 14.29 trillion dollars borrowing limit which was hit on May 16.

With only a week before the deadline, the two parties in Washington remain split on their approaches to solve the problem which may cause global repercussions.

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The U.S. State Department on Monday denied that the country is involved in the recent assassination of an Iranian nuclear scientist, urging Iran not to use the incident to "distract attention."

"We were not involved," State Department spokesperson Victoria Nuland told reporters, in response to the death of Dariush Rezaei, an Iranian nuclear scientist who was killed in eastern Tehran on Saturday.

She said it is a "frequent practice" for Iran to "accuse the West" for these kinds of incidents.

"We hope that Tehran is not planning to use this incident to distract attention from what it needs to do, which is to come back into compliance with international obligations," she added.

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Iran's Majlis (parliament) Speaker Ali Larijani called the assassination as a " U.S.-Zionist terrorist act," the satellite Press TV reported Sunday.

There have been a series of assassination attempts against Iran 's nuclear scientists in recent years.

In January 2010, the Iranian nuclear scientist and the Physics professor at the prestigious University of Tehran, Massoud Ali- Mohammadi, was killed by a remote-controlled bomb attached to a motorbike parked near his house.

In November 2010, another Iranian nuclear scientist Majid Shahriar was also killed by a bomb attached to his car on the way to his work.

In January, Iran said it dismantled an Israeli spying network and arrested a group of people who were linked to the assassination of its nuclear scientist Massoud Ali-Mohammadi.

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The United States on Monday announced its strategy to combat transnational organized crime ( TOC), mapping out a blueprint to counter the threats such crimes pose to the country's national security, and slapping mobs in Japan, Italy, Mexico and Russia with sanctions.

President Barack Obama said in a White House release that the strategy evolves around a principle "to build, balance, and integrate the tools of American power to combat transnational organized crime and related threats to our national security."

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He also urged partners to do the same. "We encourage our partners and allies to echo the commitment we have made here and join in building a new framework for international cooperation to protect all our citizens from the violence, harm, and exploitation wrought by transnational organized crime."

Along with the strategy, Obama also signed an executive order establishing a sanctions program to block the property of significant transnational criminal organizations that threaten U.S. national security, foreign policy, or economy. The first group of crime organizations slapped with sanctions include Japan's Yakuza, Italy's Camorra, Mexico's Los Zetas and Brothers' Circle, based in former Soviet Union areas.

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According to the White House, a series of legislative proposals were also planned to enhance the authorities available to investigate, interdict, and prosecute the activities of top transnational criminal networks will be announced; a new Presidential Proclamation was also unveiled to bar admission to the country persons designated under the Executive Order and other comparable sanctions programs. A new rewards program to supplement existing narcotics rewards programs is also announced.

The White House said that transnational organized crime threatens U.S. and international security, as crime networks are " proliferating, striking new and powerful alliances, and engaging in a range of illicit activities as never before."

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The White House said terrorists and insurgents increasingly are turning to crime and criminal networks for funding and logistics, as in fiscal year 2010, 29 of the 63 top drug trafficking organizations identified by the Department of Justice had links to terrorist organizations.

"While many terrorist links to TOC are opportunistic, this nexus is dangerous, especially if it leads a TOC network to facilitate the transfer of weapons of mass destruction material to terrorists."

The implementation of the strategy will be overseen by the Interagency Policy Committee on Illicit Drugs and Transnational Criminal Threats, led by the National Security Staff and the Office of National Drug Control Policy.

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The Chinese flag on an electronic screen at the Nasdaq on May 11, 2011, in New York, the day when Jiayuan.com, China's largest dating website, was listed. Provided to China Daily

Chinese companies listing overseas are expected to seek to improve their image to shake off the credibility crisis they face in the United States stock market, say analysts.

Three Chinese companies, Longtop Financial Technologies Ltd, ShengdaTech, and China MediaExpress, have been delisted from the Nasdaq in the United States for accounting irregularities.

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The price of other Chinese companies' stocks on the Nasdaq and the New York Stock Exchange plummeted as a result of the credibility crisis. Some stock owners even swore off from ever buying Chinese stocks again on stock-related websites. Credit-ratings firm Moody's Investors Service also warned of "red flags" at 61 rated Chinese companies, further affecting the price of Chinese equities.

Some US-listed Chinese companies expressed confidence with their company's future stock performance and believed that the recent panic by share owners is only temporary.

"The recent credibility crisis for some Chinese companies is part of a near-term market fluctuation and will have little bearning on our company's fundamental business and long-term trajectory and performance," said Catherine Zhang, chief financial officer (CFO) of AutoNavi Holdings Ltd, a leading provider of digital map content and navigation and "location-based solutions in China".

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Qihoo 360 Technology Co Ltd, a company that provides free and comprehensive Internet and mobile security products, remains optimistic as well. Qihoo's CFO, Alex Xu, said: "Investors will increasingly trust our stock performance if they notice our steady path of development." Xu believes that Qihoo's business model is unprecedented in either the US or China. "While it takes some time to explain our unique model, American investors are especially drawn to the model's creativity," Xu said.

Zhang said: "The US equity capital markets maintain high listing standards for all companies that list on their exchanges through the IPO process, and Chinese companies are no exception. Even beyond listing requirements, we've always believed that it's important for companies to be transparent and to demonstrate high standards of corproate governance. The US capital market system is relatively rational and ultimately rewards companies that demonstrate solid performance in the long run."

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Zhang believed that in some ways the rash of recent scandals has helped weed out many fraudulent Chinese companies and will ultimately benefit those in high growth industries and maintain proprietary technological advantages over competitors.

"Unlike some of the exposed companies that used backdoor listings, AutoNavi underwent strict and legitimate due diligence by top-tier investment banks, lawyers and auditors prior to its initial public offering," she said, adding that she stood by the quality of AutoNavi's internal control processes and its employees' ethical standards.

Similarly, Xu said that although Qihoo cannot control external factors that influence the company's stock price, such as some investors' impressions of Chinese companies in general or China's alleged lack of protection for intellectual property, "we do our best to implement marketing strategies and reach our company's goals".

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"To us, the effect of ratings from Moody's is rather insignificant," Xu told China Daily.

Xu said that unlike some other HK/US- listed Chinese companies, Internet companies such as Qihoo and Sina do not finance through the bond market and are not subject to recent warnings by Moody's of "red flags".

Xu acknowledged that Moody's ratings reflect the general suspicion of Chinese companies. "A Moody's red flag is yet another reminder of Chinese companies' lack of corporate governance," Xu said.

AutoNavi and Qihoo both chose to list on the US stock market because they saw a better investment environment. "By listing in the US, we can offer our employees an ownership stake through company stock, allowing them to benefit from being a shareholder through stock option programs. This is a benefit that is much easier to implement as a US-listed company as compared to a company listed in China," Zhang said.

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Xu added that Qihoo hopes to gain access to better acquisition financing by listing in the US. Both AutoNavi and Qihoo are expecting to reach out to global investors by listing in the US. While listing in China would receive mostly domestic attention, listing in the US serves as an international branding event for a company. The day Qihoo listed on the New York Stock Exchange attracted much international attention and Qihoo's stock price rose 135 percent.

A survey designed by China Economic Review magazine and Ipsos Marketing indicated that ordinary US investors in Chinese stocks made a net profit trading Chinese shares over the 12 months ending on May 1 this year. The survey further showed that retail investors are also more bullish on China shares than they were last year.

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The mechanism protects newly listed companies from stock rushes. "Hedge funds are more sophisticated and they understand the potential of listed companies. Retail investors, regardless of their nationality, do not have a hedge fund's capacities to build reliable financial models and estimate a company's market potential or future stock performance," according to the securities analyst who declined to be named.

The survey also indicated that the most active investment sectors are electronics and technology, telecommunications and the Internet. This trend will most likely continue as both AutoNavi's navigation application and Qihoo's mobile phone security software become increasingly popular among smart phone users, observers said.

"Currently, more than half of the existing 800 million smart phones use our 360 mobile phone security software," Xu said. "Because most Nokia smart phone users will start switching to Android and Apple smart phones in the near future, we hope to use this transition period to further develop and promote our smart phone software."

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Stocks on the Chinese mainland fell the most in two months as railway shares plunged after a deadly bullet-train accident, while the political stalemate over the US debt limit boosted concern that the world's biggest economy will default.

CSR Corp and China CNR Corp, the nation's biggest train makers, tumbled more than 9 percent after the weekend train collision killed at least 38 people and prompted the government to order a rail safety inspection.

China Vanke Co led declines for developers as Credit Suisse Group AG said the accident might dampen demand for real estate in cities along new railway lines.

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"The train crash may trigger an investment cut in railway construction," said Tu Jun, a strategist at Shanghai Securities Co.

"The failure to reach agreement on the US federal debt limit is hurting investors' confidence in the economic recovery. All the weekend news is bad for stocks."

The Shanghai Composite Index was down 64.33 points, or 2.3 percent, at 2706.46 as of 2:06 pm, the most since May 23. The measure dropped 1.8 percent last week, the first decline in five weeks.

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CSR plunged 9.1 percent to 6.03 yuan, set for its lowest close since Oct 29. China CNR dropped 9.4 percent to 5.89 yuan (91 cents), the biggest decline since its listing in December 2009.

The collision will slow the pace of railway construction, according to Guotai Junan Securities Co. The growth of equipment companies will be affected, it said.

The railway ministry will postpone auctions for equipment, Shenyin &Wanguo Securities Co analysts said, cutting their stock ratings for CSR and CNR to "neutral".

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The train accident, along with "constant malfunctioning" of the Beijing-Shanghai bullet train, may dampen demand for property in cities along new railway lines, Credit Suisse said.

Land sales in "several" cities along the new Beijing-Shanghai high-speed railway line surged in 2009 and 2010, analysts including Du Jinsong at Credit Suisse wrote in a report.

China Vanke, the nation's largest developer by market value, slid 3.1 percent to 8.16 yuan. Poly Real Estate Group Co slipped 3.3 percent to 10.37 yuan.

China Eastern Airlines Corp led a rally for airlines after Barclays Plc said the train crash will spur demand for alternative transport. China Eastern, the second-largest carrier, added 2 percent to 5.13 yuan.

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China Southern Airlines Co, the biggest carrier, gained 1 percent to 8.06 yuan.

"We expect travelers to gradually turn to alternative transport means, including expressways," Patrick Xu and Jon Windham, analysts at Barclays, wrote in a report.

PetroChina Co, the nation's largest oil producer, lost 2 percent to 10.37 yuan, set for its lowest close since Sept 30.

Jiangxi Copper Co, the biggest copper producer, slid 2.4 percent to 34.91 yuan.

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